OT - Canadian Banks

[misslissa]

Hi all,

I have just undergone a series of (somewhat) serious issues in my dealings with Royal Bank. And, I am considering switching everything over.

Is anyone with Scotia Bank? How do you feel about their fees, services?

Thanks!

 

[NEWEARS2006]

I deal with Manulife Bank and love it. I have a Manulife ONE account that is somewhat like a mortgage and somewhat like a line of credit on our home. We have everything consolidated into one big chequing account. Saves us thousands of dollars in mortgage interest.

 

[siobhan1997]

I deal with Manulife Bank and love it. I have a Manulife ONE account that is somewhat like a mortgage and somewhat like a line of credit on our home. We have everything consolidated into one big chequing account. Saves us thousands of dollars in mortgage interest.

I have sent you a PM
Thanks

 

[CanadianGuy]

I was with Royal Bank from the time I was 7 years old till I was 33 years old.

They responded to my financial needs after 26 years of me being a customer with nothing but dis-dain for my business.

Since they were less than enthused about me being their customer, I wasn't too enthused about it either. And I took all my banking products to TD CanadaTrust. They've been beyond the best I've ever experienced.

I will not change banks again if the service stays this good.

Knox

 

[drag n' fly]

I was with Royal Bank from the time I was 7 years old till I was 33 years old.

They responded to my financial needs after 26 years of me being a customer with nothing but dis-dain for my business.

Since they were less than enthused about me being their customer, I wasn't too enthused about it either. And I took all my banking products to TD CanadaTrust. They've been beyond the best I've ever experienced.

I will not change banks again if the service stays this good.

Knox

That was exactly how CIBC treated us after 25 years of service. They treated us like deadbeats. We were very responsible customers (never missed a loan payment, mortgage payment, never late paying bills etc!) but they treated us like they were bill collectors. We now bank elsewhere also. We were so mad we moved everything..mortgage etc! They became complacent, lazy and completely irresponsible with our personal information.
Good luck with finding a new bank misslissa . We have all been down your road!

 

[bababear_50]

I was a very good and loyal Royal Bank customer for years 17 ,,then I became a single Royal Bank customer and they refused to provide me with a mortgage,,(no credit history)I only paid all the bills for 17 years.
I am currently with Scotia and love it --all my banking needs are met and I take great pleasure when Royal calls me offering their services to turn my nose up at them. I think ING is the best for savings though. BMO offers good loan rates also. My work credit union is wonderful also---my opinion use them all for the best deal they offer --diversify ,,just my "I'm a single woman who knows nothing opinion"
Hugs Mel

 

[Tinkerjane]

We had some pretty serious issues with Royal bank ourselves last summer (after 26 years) and switched to Scotiabank and are very happy. They have lots of different plans and such with different fees to suit your needs. Also several years ago when we were first trying to establish credit they were the only ones willing to take a chance on us. CIBC wanted a co signer and when we got one they still turned us down. Paid the loan off in no time and am glad they were so willing to help us out and take a chance.
So far so good.

 

[FayeW]

Ever hear of the 20/80 rule? In the banking industry it is considered that they earn 80% of their income from 20% of their customers. That means that as far as they are concerned, 80% of their customers are replaceable. That was certainly true when I worked for the Royal Bank 15 years ago. They completely sucked up to the clients with the most money. It turned my stomach to have to give preferential treatment to clients who were often very arrogant and who felt they were more entitled to perks than other clients.
Studies show that in terms of what they consider more stressful and inconvenient, people would rather lose their wallet than change banks. It is perceived as being a total PITA, but the reality is it is a couple of hours of your time. The reality is that the banks over charge for everyday banking, but they get away with it because they know that in general we are too lazy to change banks.

We do some banking with Scotia. They used to be our primary bank but about 7 yrs ago we moved everything over to PCF. Little by little they are starting to earn some of our business back (car loan, etc). They haven't pissed me off lately. (Well, they did, but it was work related. I don't send them any mortgage business at all because I have much better lenders to deal with).

 

[tone.def]

I've been with BMO since I was a child. They've treated me horribly in the past. I've just been too lazy to switch banks so far. My mortgage renewal comes up this fall and I'll go to the bank that'll treat me best.

 

[maddiel]

We had an awful experience with Scotiabank years ago (misreporting credit, excessive fees, poor customer service) and last year, when a not-for-profit I was involved with used them, their service charges were nuts.

We do most of our banking through a credit union and have been very happy - excellent cutomer service, resonable fees and a their menu of services is now quite comparable to the major banks.

Our credit union didn't offer high-ratio mortgages when we bought our house (they do now) so we went with TD Canada Trust. We've been quite happy with them as well. I was treasurerfor a not-for-profit that had an account with them and that was handled very well.

M.

 

[Tabetha]

Do many people here go with President's Choice Financial? I'm considering switching to them. I used to work for Royal, so all my accounts are there. I haven't had any problems with them, but it never hurts to look around. I think I'd have to keep one RBC account open to link to my Centura account for DVC payments, but beyond that, I like the sound of no fees.

 

[offwegotoneverland]

OP. Have you raised your concerns beyond the branch manger level with your current bank? You mentioned the issues were somewhat serious and if you can resolve any of them prior to shopping other banks (ie a mistake in a credit bureau etc) it could make the next deal better for you.

If your not sure how to go about that or would like some more info please feel free to pm me.

 

[misslissa]

OP. Have you raised your concerns beyond the branch manger level with your current bank? You mentioned the issues were somewhat serious and if you can resolve any of them prior to shopping other banks (ie a mistake in a credit bureau etc) it could make the next deal better for you.

If your not sure how to go about that or would like some more info please feel free to pm me.

Nope. I pretty much got everything figured out. I actually had my information somehow stolen... pin, debit and visa numbers (cards duplicated), and had all my money taken out of my account (and more!) and also had crazy charges to my credit card. Both events took place about a month apart... but what really made me upset was the way it was handled.

I had no idea that it was going on (either time!!!!!) and they actually were the ones to contact ME and tell me that there was some "fraudulant activity". They discovered it before I did, both times. And yet, they seemed to act as though I had done something wrong. It also took FOREVER for me to get my money back...... Thank God I am married and could rely on my husband's income, but had I been single....... I would have been out of luck. It made a couple of months really difficult for us. What is even worse is that they told me that if more than $2500 had been taken out of my bank account, they wouldn't be able to resolve it! It would have been my loss!

I have always been very careful with my debit card and PIN, no one knows it but me, not even hubby. And, when they called about my visa card, they asked me about 5 times if I had my card on my person... and I did... they said someone was using it right at that moment... but I was on the phone with them!!!!!

Then....... I just bought a house, didn't go with them for the mortgage...... but that is a whole other story.

 

[declansdad]

I have been with RBC for many years now and have never had a problem. Before that I have dealt with BMO and Scotia. I would never deal with these two again, way too many problems.

I think that you will find that the opinions will be varied.

 

[digskat]

We had our mortgage with National Trust, and when they were swallowed up by Scotiabank, it was transferred over. I made a large deposit (remainder of marriage gift money), and never paid too close attention, since my day to day banking was at RBC. The following month, I put mortgage money in, and saw the total down.....obviously a payment came out. The next month, another deposit, and a presumed payment. Suddenly a phone call to my wife, our mortgage was 3 months past due, and we may have our mortgaged called, and be evicted, unless we come up with $3000 in the next 72 hours. I freaked, went straight to the bank, with my passbook, to prove deposits, and then looked at the withdrawls....all card withdrawls, no mortgage. After several hours of arguments over 2 days (being told they don't make those mistakes), the branch manager and I figured out the problem, when the bank employee changed the account from National to Scotia, they mixed two numbers up. I had been putting my money in someone else's account, because my passbook was a different account number from my card and mortgage. If I depositted by card, I was okay, but if I went in, I funded another account.
My name went in as delinquent mortgage, I was charged interest and over-draft fees, and after 2 months, was finally reimbursed the cash. No Apologies were given either. My pregnant wife was in tears, from the ignorant mortgage woman, and my credit rating suffered, because of their screw up, but it was my fault for not noticing the amounts coming out. 3 years later, the decided that there would be no more mid-month payments, so the mortgage would be the first of the month, and I could change all other payments. They also enjoy over charging on fees.....$15/OD charge, all 10 of them, because they entered the wrong number. My advice...Credit Union.

 

[offwegotoneverland]

Nope. I pretty much got everything figured out. I actually had my information somehow stolen... pin, debit and visa numbers (cards duplicated), and had all my money taken out of my account (and more!) and also had crazy charges to my credit card. Both events took place about a month apart... but what really made me upset was the way it was handled.

I had no idea that it was going on (either time!!!!!) and they actually were the ones to contact ME and tell me that there was some "fraudulant activity". They discovered it before I did, both times. And yet, they seemed to act as though I had done something wrong. It also took FOREVER for me to get my money back...... Thank God I am married and could rely on my husband's income, but had I been single....... I would have been out of luck. It made a couple of months really difficult for us. What is even worse is that they told me that if more than $2500 had been taken out of my bank account, they wouldn't be able to resolve it! It would have been my loss!

I have always been very careful with my debit card and PIN, no one knows it but me, not even hubby. And, when they called about my visa card, they asked me about 5 times if I had my card on my person... and I did... they said someone was using it right at that moment... but I was on the phone with them!!!!!

Then....... I just bought a house, didn't go with them for the mortgage...... but that is a whole other story.

Well the credit card part is quite straightforward...There's a big difference between a card that's stolen and one that's duplicated in terms of what "style" of investigation they should be looking at. Smart theives (and there are tons of them) will often go into a wallet and just remove one or maybe two cards instead of everything so they often ask multiple times as the first reaction of 95% of cardholders is to say they have it without checking. (I used to make those calls 10 years ago and you'd be shocked at how many people just assume it's still there without looking).

Re the debit thing the 2500.00 limit is odd however that's kind of outside my prev. exp. all related to credit cards. Were you one of the winners/homesense shoppers? Or did you figure out where the info got taken?

Still no excuse for making you wait for your money though.Did you ask to speak to management at the time? I'd always say it pays to make sure your expectation of time lines is clearly communicated and that if the response isn't ok that it get's forwarded to someone who can make it ok as soon as possible. Debit card fraud is still "newish" and none of the banks are really excellent at resolving it yet unfortuntely. Glad you got your money back though.

 

[misslissa]

I didn't ever find out where my information got taken from. I cross referenced where I've been using my cards, and no where seems to match up. And, they wouldn't tell me where... they just told me to be careful at "gas stations".

It is a shame, I don't believe that Royal could have done anything to prevent it... but I went without much money for a while which kinda sucked.

I called back and talked to person after person after person...

 

[minnie56]

Cannot guide you re another bank..
Have been with RBC always and they are wonderful to me. What can I say?

 

[digskat]

A guy at my bank had his info pulled off limewire. He had placed all of his account numbers into a file on his computer, so that his daughter could know where and what his bank accounts were if something happened to him and his wife. One night, at about 11PM, he received a call from a guy in Chicago, who asked what his name was, then preceeded to tell him that he just accidently downloaded all his info. He told him the credit card numbers and names, bank names and account numbers, his address and phone numbers. Advised the guy how easy his access was, and that it had more than 1 hit.
The guy went to the bank first thing in the morning, and closed all accounts, and opened new ones. fortunately, no one used the info.

When I was a teenager, I worked at a gas station, and a co-worker was fired for credit card fraud. He started with making duplicate copies of charges, and then used the numbers at his other job, to get more cash. He was caught after 2 months, and avoided jail because the station owner reimbursed the card holders, and dealt with the kid's parents.

 

[fuzzy164]

I to was once an RBC customer had my first account with them at 8 years old. I also had a number of loans with them both buisness and personal over the years. This was in the Niagara area and I was very happy with them (except for one teller but that's another story). I moved to Burlington and found the worst customer service ever. Long story short RBC grabbed every cent they could from me but in the long run they lost 4 mortgages and a load of car loans as well as lines of credit when I switched to Canada Trust now TD Canada Trust. We have also had 3 loans with Scotia and they messed all three of them up (took extra payments without telling, us overcharged us on the loan, wrong loan number listed). I like TDCanada Trust and recommed them by far the best C/S around.

Fuzzy164